Thursday, 17 March 2016

CONTRACT { Meaning & Elements}


Contract is an agreement by which two parties come in contact, where one party offers and the other accepts.
This offer and acceptance by the parties must be according to the law and through legal documentation.


CONTRACT= AGREEMENT(offer and acceptance) + enforcement by LAW


1. There must be two or more parties involved.

2. There must be an offer and be an acceptance.

3.There must be an intention to create a legal relationship. It must be free from fraudulent acts.

4. there must be an OBJECT and a consideration(monetary/non monetary).

5. Parties must have the capacity to get into a contract. Age must be more than 18 years (having a natural guardian) and 21years (having no natural guardian).the person must not be a lunatic.

6. Consent of all the parties involved.

7. no VOID/VOIDABLE agreement.

8. Contract must be in writing and attested by witnesses.

9. Enforcement by law is mandatory.


Post a Comment